Jubilee Health Insurance Limited has recorded a 29 per cent jump in its profit for the year ended December 2023 to Ksh438.5 million.
This is from the Ksh339.1 million it posted in a similar period a year before.
Jubilee has attributed the performance to a 15 per cent growth in insurance service revenue and a general increase in returns from investments.
“Jubilee Health’s innovative approach to insurance has been driving exceptional customer service and company growth while our tailored products have expanded their market reach and resonated with customers, cementing our number one position within the region,” said Jubilee Health Insurance Chief Executive Officer (CEO) and principal officer Njeri Jomo.
During the review period, insurance revenue rose to Ksh10.1 billion from Ksh8.9 billion during a similar period the previous period while insurance service expenses jumped to Ksh10.2 billion from Ksh8.8 billion the previous year.
Jubilee Insurance’s total assets stood at Ksh10.2 billion for the year ended 31st December 2023 from Ksh8.5 billion in a similar period the previous year.
During the trading period under review, Jubilee’s total liabilities climbed to Ksh6 billion from Ksh4.6 billion in the previous financial year resulting in the undewriter recording a net asset of Ksh4.1 billion from Ksh3.9 billion in the full year ended December 2022.
“Looking ahead to 2024 and beyond, Jubilee Health Insurance reaffirms its commitment to customer excellence and innovation. The company is dedicated to enhancing its product offerings, improving customer service, and investing in advanced technologies to streamline operations.”
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